The new year has ushered in a new round of capacity cuts as China tries to combat excess in its bloated steel and coal sectors, but the moves are a drop in the ocean in the nation’s long struggle to make its heavy industry more efficient. For years, Beijing has been seeking to cut the share of coal in its energy mix to contain pollution and meet climate change goals while streamlining its unwieldy and over-supplied smoke-stack industries such as steel. It also comes as the government tries to focus the nation’s economy away from heavy industry and cheap manufacturing in favor of the high tech and service sectors. Beijing far exceeded its targets to eliminate 250 million tonnes […]